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Bill

S 5325

Directs the department of financial services to conduct a study examining private flood insurance

2025 Regular Session Introduced by Jamaal Bailey and 1 co-sponsor

Directs NY DFS to study private flood insurance; findings could shape availability, pricing, regulation, and consumer protections for homeowners, renters, and insurers.

REFERRED TO INSURANCE
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Bill Summary · S 5325

Summary of New York S.5325 (2025)

Overview

  • Bill: S.5325
  • Title: Directs the Department of Financial Services to conduct a study examining private flood insurance
  • Jurisdiction: New York State Senate
  • Status: REFERRED TO INSURANCE
  • Introduced: February 20, 2025
  • Primary sponsor: Jamaal Bailey
  • Co-sponsor: Pamela Helming
  • Related/Companion: A.3793 (Assembly, companion), S.8167 (prior-session)

Purpose and Intent

The bill directs the New York State Department of Financial Services (DFS) to conduct a study examining private flood insurance. The provided information does not specify the study’s scope, deliverables, or timeline, but the core aim is to evaluate the role and potential of private flood insurance in New York.

Key Provisions (as stated)

  • Directs DFS to conduct a study on private flood insurance.
  • No further substantive text (such as reporting deadlines, scope details, or required components) is specified in the information provided.

Note: The publicly available details here do not include a draft scope, milestones, or required outputs beyond the directive to study.

Affected Parties and Impact

  • Affected Entities:
    • New York Department of Financial Services (lead agency for the study)
    • Private flood insurers operating or seeking to operate in New York
    • Consumers, homeowners, renters, and businesses potentially seeking flood insurance
  • Potential Impacts:
    • The study could inform future policy considerations about the availability, pricing, regulatory framework, and consumer protections related to private flood insurance.
    • Depending on findings, the bill could lay groundwork for policy actions that complement or alter the current approach to flood risk insurance in New York (including interaction with federal programs like the NFIP).

Procedural and Timeline Aspects

  • Introduced and referred to the Senate Insurance Committee on February 20, 2025.
  • No reporting deadlines or specific study timelines are provided in the available information.
  • The bill exists in the early committee stage, with a parallel Assembly companion (A.3793) and references to related prior-session legislation (S.8167).

Related Legislation

  • S.8167 (prior-session) — Senate
  • A.3793 (companion) — Assembly
  • A.3793 (companion) — Assembly (noted twice in provided data)

What to Watch

  • Whether the bill progresses from the Insurance Committee to floor consideration.
  • Any amendments that specify the study’s scope, methodology, data sources, deliverables (e.g., a final report), or a reporting deadline.
  • Interaction with companion Assembly bill A.3793 and any actions on S.8167 in subsequent sessions.

This summary presents the core information available: a directive to study private flood insurance by NY DFS, with limited detail on scope or outcomes.

Compiled from official sources — confirm details with the bill’s official record.

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